Bihar's Economic Transformation: A Path to Trillion-Dollar Status by 2047

Bihar's economy is on an impressive trajectory, with new projections indicating it will reach USD 1.1 trillion by 2046-47. A recently published report by the Confederation of Indian Industry (CII) underlines Bihar's significant untapped potential and forecasts an economic upturn, positioning it as a lucrative investment destination. Current estimates show the economy doubling to USD 219 billion by 2030-31 under optimistic scenarios.

The report highlights Bihar's rapid transformation, driven by a demographic edge and progressive policy reforms. 2023-24 saw Bihar's GSDP surge to Rs 8.54 lakh crore, growing at a 14.4 per cent rate, outpacing India's growth average. Infrastructure expansion and industrial growth, particularly in IT, textiles, manufacturing, and health sectors, are key contributors to this boom.

Investment policies, such as the Bihar Industrial Investment Promotion Policy, offer incentives including capital subsidies and SGST reimbursements, making the state attractive to investors. Furthermore, initiatives like Startup Bihar and single-window systems are enhancing business operations, fostering innovation, and leveraging Bihar's abundant natural resources and youthful workforce to sustain its promising economic ascent.

(With inputs from agencies.)